1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The international rapeseed futures market is affected by factors such as the decline of Chicago soybean oil futures and the weather in the US soybean - producing areas. The domestic rapeseed - related market is influenced by supply, demand, and trade policies. For rapeseed meal, the reduction in near - month rapeseed arrivals and the seasonal increase in aquaculture demand support the market, but the substitution advantage of soybean meal weakens the demand expectation. For rapeseed oil, the low - level oil mill operating rate and limited near - month rapeseed purchases reduce supply pressure, while weak terminal consumption restricts short - term prices. The market is also affected by Sino - Canadian and Sino - US trade negotiations [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures closing prices: The closing price of the active contract of rapeseed oil is 9770 yuan/ton, down 81 yuan; that of rapeseed meal is 2533 yuan/ton, down 17 yuan; ICE rapeseed is 618.4 Canadian dollars/ton, down 8.1 Canadian dollars; and rapeseed is 5177 yuan/ton, down 10 yuan [2] - Month - to - month spreads: The 1 - 5 spread of rapeseed oil is 289 yuan/ton, down 35 yuan; that of rapeseed meal is 128 yuan/ton, down 14 yuan [2] - Main contract positions: The main contract position of rapeseed oil is 255147 lots, and that of rapeseed meal is 386706 lots, with a decrease of 7640 lots [2] - Net long positions of the top 20 futures holders: The net long position of rapeseed oil is 5394 lots, down 4377 lots; that of rapeseed meal is - 5229 lots, down 7582 lots [2] - Warehouse receipt quantities: The warehouse receipt quantity of rapeseed oil is 6857 sheets, an increase of 387 sheets; that of rapeseed meal is 10383 sheets, a decrease of 960 sheets [2] 3.2 Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu is 9930 yuan/ton, an increase of 70 yuan; that of rapeseed meal in Nantong is 2630 yuan/ton, an increase of 10 yuan; the spot price of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton, unchanged [2] - Average prices: The average price of rapeseed oil is 9995 yuan/ton, an increase of 70 yuan; the import cost of imported rapeseed is 7734.17 yuan/ton, down 102.53 yuan [2] - Basis: The basis of the rapeseed oil main contract is 79 yuan/ton, an increase of 54 yuan; that of the rapeseed meal main contract is 97 yuan/ton, an increase of 27 yuan [2] - Substitute prices: The spot price of grade - four soybean oil in Nanjing is 8560 yuan/ton, down 100 yuan; the spot price of 24 - degree palm oil in Guangdong is 9270 yuan/ton, down 150 yuan; the spot price of soybean meal in Zhangjiagang is 3030 yuan/ton, unchanged [2] - Price differences: The spot price difference between rapeseed oil and soybean oil is 1270 yuan/ton, an increase of 50 yuan; that between rapeseed oil and palm oil is 510 yuan/ton, unchanged; that between soybean meal and rapeseed meal is 400 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - Global production: The predicted annual production of rapeseed is 89.77 million tons, an increase of 0.21 million tons; the annual predicted production of rapeseed is 12378 thousand tons, unchanged [2] - Import quantities: The total monthly import quantity of rapeseed is 17.6 tons, a decrease of 0.85 tons; the monthly import quantity of rapeseed oil and mustard oil is 15 tons, an increase of 4 tons; the monthly import quantity of rapeseed meal is 27.03 tons, an increase of 7.56 tons [2] - Inventory and operating rate: The total inventory of rapeseed in oil mills is 10 tons, unchanged; the weekly operating rate of imported rapeseed is 13.06%, an increase of 1.07 percentage points [2] - Pressing profit: The imported rapeseed disk pressing profit is 839 yuan/ton, down 62 yuan [2] 3.4 Industry Situation - Inventory: The coastal rapeseed oil inventory is 9.7 tons, a decrease of 0.7 tons; the coastal rapeseed meal inventory is 1.8 tons, a decrease of 0.7 tons; the rapeseed oil inventory in East China is 53.2 tons, a decrease of 2.2 tons; the rapeseed meal inventory in East China is 31.51 tons, an increase of 0.65 tons; the rapeseed oil inventory in Guangxi is 4.55 tons, a decrease of 0.3 tons; the rapeseed meal inventory in South China is 21.3 tons, an increase of 1.3 tons [2] -提货量: The weekly rapeseed oil delivery volume is 3.03 tons, an increase of 0.77 tons; the weekly rapeseed meal delivery volume is 2.74 tons, a decrease of 0.15 tons [2] 3.5 Downstream Situation - Production: The monthly production of feed is 2827.3 tons, a decrease of 110.4 tons; the monthly production of edible vegetable oil is 476.9 tons, an increase of 41.8 tons [2] - Consumption: The monthly retail sales of social consumer goods in the catering industry is 4504.1 billion yuan, a decrease of 203.5 billion yuan [2] 3.6 Option Market - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal is 19.34%, down 0.89 percentage points; that of at - the - money put options for rapeseed meal is 19.35%, down 0.88 percentage points; the implied volatility of at - the - money call options for rapeseed oil is 13.75%, an increase of 1.32 percentage points; that of at - the - money put options for rapeseed oil is 13.73%, an increase of 1.32 percentage points [2] - Historical volatility: The 20 - day historical volatility of rapeseed meal is 27.1%, down 3.99 percentage points; the 60 - day historical volatility of rapeseed meal is 21.98%, down 0.04 percentage points; the 20 - day historical volatility of rapeseed oil is 15.35%, down 1.64 percentage points; the 60 - day historical volatility of rapeseed oil is 13.12%, unchanged [2] 3.7 Industry News - On September 9th, ICE rapeseed futures closed lower, following the decline of Chicago soybean oil futures, as the rapeseed oil inventory report did not change the supply - demand expectation. The most actively traded November rapeseed futures contract closed 7.60 Canadian dollars lower, and the January contract closed 6.60 Canadian dollars lower [2] - The weather in the US soybean - producing areas is good, and the excellent - good rate is relatively high, resulting in a good crop yield outlook and supply - side pressure. However, the unexpected reduction in planting area supports the market [2] 3.8 Rapeseed Meal Viewpoint Summary - In the international market, the reduction in planting area supports the US soybean price, but the market is uncertain due to the divergence in private institutions' predictions of the USDA report [2] - In the domestic market, the shortage of near - month rapeseed arrivals reduces supply pressure, and the seasonal increase in aquaculture demand boosts rapeseed meal demand. However, the substitution advantage of soybean meal weakens the demand expectation [2] 3.9 Rapeseed Oil Viewpoint Summary - The harvest of Canadian rapeseed is approaching, and the temporary anti - dumping measures on Canadian rapeseed by China may affect its exports. The Canadian government is considering relaxing tariffs on Chinese electric vehicles to avoid additional tariffs on Canadian rapeseed [2] - In the US, senators are trying to prevent the Trump administration from adjusting renewable fuel obligation policies, which has led to a sharp decline in US soybean oil futures and affected the domestic vegetable oil market [2] - In the domestic market, the terminal consumption boost from the start of school is limited, and the supply - demand of vegetable oil is relatively loose. However, the low operating rate of oil mills and the shortage of near - month rapeseed purchases reduce supply pressure [2]

菜籽系产业日报 2025-08-25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9891 | 1 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2547 | 4 | | 期货市场 | 菜油月间差(1-5):(日,元/吨) 主力合约持仓量:菜油(日,手) | 291283 | -5 菜粕月间价差(1-5)(日,元/吨) 6998 主力合约持仓量:菜粕(日,手) | 422516 | 1488 | | | | 174 | | 74 | 0 | | | 期货前20名持仓:净买单量:菜油(日,手) | 6365 | -98 期货前20名持仓:净买单量:菜粕(日,手) | -4882 | 3873 | | | 仓单数量:菜油(日,张) | 3487 | 0 仓单数量:菜粕(日,张) | 8066 | -187 | | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) | 665 | 3.2 期货收盘价(活跃合约):油菜籽(日,元/吨) | ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9374 | -4 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2487 | -57 | | | 菜油月间差(9-1):(日,元/吨) | 206 | 28 菜粕月间价差(9-1)(日,元/吨) | 192 | -40 | | 期货市场 | 主力合约持仓量:菜油(日,手) | 305440 | 12513 主力合约持仓量:菜粕(日,手) | 637424 | 60942 | | | 期货前20名持仓:净买单量:菜油(日,手) | 34744 | 8830 期货前20名持仓:净买单量:菜粕(日,手) | -50162 | -12921 | | | 仓单数量:菜油(日,张) | 0 | -1707 仓单数量:菜粕(日,张) | 0 | -31218 | | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) | 707.7 | -4 期货收盘价(活跃合约):油菜籽(日,元/吨) | 5328 ...